Biscuit Belly Acquires Maple Street Biscuit Company from Cracker Barrel

Louisville-based Biscuit Belly LLC acquired the Maple Street Biscuit Company brand and 35 of its locations from Cracker Barrel Old Country Store Inc. Under the terms of the deal, Biscuit Belly will convert these restaurants to its own brand over the next 18 to 24 months, beginning in the Cincinnati and Richmond, Virginia markets. Cracker Barrel will close the remaining 16 Maple Street locations, effectively exiting the fast-casual breakfast business.

The acquisition more than triples Biscuit Belly's existing footprint of 15 locations, supporting a long-term goal to operate over 60 units by the end of 2028. Maple Street Biscuit Company was originally founded in Jacksonville in 2012 and had been owned by Cracker Barrel since a 2019 purchase for $36 million.

Simultaneously, Cracker Barrel completed a sale-leaseback transaction of 26 company-owned locations, generating approximately $77 million in net proceeds to reduce debt. The company expects to record $37 million to $39 million in non-cash charges and $6 million to $8 million in cash costs related to the Maple Street exit during its fiscal fourth quarter, though it anticipates the divestiture will improve adjusted EBITDA starting in fiscal 2027.